{"id":11622,"date":"2022-06-16T10:25:11","date_gmt":"2022-06-16T10:25:11","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/metaverse-could-be-worth-5-trillion-by-2030-mckinsey-report\/"},"modified":"2022-06-16T10:25:13","modified_gmt":"2022-06-16T10:25:13","slug":"metaverse-could-be-worth-5-trillion-by-2030-mckinsey-report","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/metaverse-could-be-worth-5-trillion-by-2030-mckinsey-report\/","title":{"rendered":"Metaverse could be worth $5 trillion by 2030: McKinsey report"},"content":{"rendered":"<p><\/p>\n<div data-v-2a0745c6=\"\">\n<p>Global spending in the metaverse could reach $5 trillion by 2030, according to a new report from international consulting firm McKinsey &amp; Company.\u00a0<\/p>\n<p>Published yesterday, the 77-page report titled \u201cValue Creation in the Metaverse\u201d analyzed current adoption trends and drew additional insight from two global surveys; one gathered data from 3,104 consumers across 11 countries, while the other polled a range of executives from 448 companies across 15 industries in 10 different countries. <\/p>\n<p>McKinsey used this data to predict that the future of consumer behavior in the metaverse will most likely be divided into five primary activities: gaming, socializing, fitness, commerce and remote learning. <\/p>\n<p>McKinsey found that nearly 60% of all consumers surveyed prefer at least one activity in the virtual world compared to its physical alternative, and 79% of consumers that are currently active in the metaverse have already made a purchase.<\/p>\n<p>E-commerce will be the primary cash cow in the metaverse, with McKinsey predicting it to make up anywhere from $2 trillion to $2.6 trillion of all spending by 2030. Virtual advertising will be another major sector, with associated revenue expected to make up another $144 billion to $206 billion.<\/p>\n<p>Flying in the face of the current pessimism in the conventional crypto market, the report highlights that in the first five months of this year, more than $120 billion has already been invested into metaverse-related technology and infrastructure \u2014 more than double the total $57 billion invested in metaverse tech throughout the entirety of 2021. <\/p>\n<p>In an associated blog post, the lead authors of the report and McKinsey senior partners, Lareina Yee and Eric Hazan, gave additional comments on their research.<\/p>\n<blockquote><p>\u201cWhat\u2019s exciting is that the metaverse, like the internet, is the next platform on which we can work, live, connect, and collaborate.\u201d<\/p><\/blockquote>\n<p>Speaking about the response from executives, Yee added, \u201cExecutives often don\u2019t agree on very much, but our research shows they overwhelmingly agree on one thing: 95% of them believe the metaverse will have a positive impact on their industry.\u201d<\/p>\n<p>The report added that 25% of all executives said they expect the metaverse to drive 15% of their organization\u2019s total margin growth in five years and nearly a third of them believe that the metaverse can bring significant change in how their industry operates. <\/p>\n<p>Despite the overall enthusiasm, there was still a healthy dose of skepticism, with 31% of all executives remaining somewhat uncertain about the return on investment of metaverse experiences. <\/p>\n<p><em><strong>Related: <\/strong><strong>71% of high net worth individuals have invested in digital assets: Survey<\/strong><\/em><\/p>\n<p>While brands should be excited about the opportunities awaiting them in the metaverse, they should also be ready to face challenges head on and do some serious planning, said Hazan. <\/p>\n<blockquote><p>\u201cThere are urgent challenges that need to be considered. For one, there\u2019s going to be a need to reskill part of the workforce to take advantage of, rather than compete with, the metaverse. Stakeholders will need to build a roadmap to make sure the metaverse experience is ethical, safe and inclusive.\u201d<\/p><\/blockquote>\n<p>Yee wrapped up her commentary by re-emphasizing that the metaverse is still very much a dynamic and evolving space. She said that individual creators and big brands alike need to embrace a long-term mindset if they want to be successful in the future of the metaverse. <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Global spending in the metaverse could reach $5 trillion by 2030, according to a new report from international consulting firm McKinsey &amp; Company.\u00a0 Published yesterday, the 77-page report titled \u201cValue Creation in the Metaverse\u201d analyzed current adoption trends and drew additional insight from two global surveys; one gathered data from 3,104 consumers across 11 countries, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11623,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[42],"tags":[],"class_list":["post-11622","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Metaverse could be worth $5 trillion by 2030: McKinsey report | NFT &amp; 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